Cereal prices are suddenly everybody's concern, hitting the headlines throughout the UK media, with fears over food price inflation at the top of the general public's list of worries.

For the first time in many years, both ITV news and the BBC have been covering the escalating price of wheat and cereals, as the cost of feeding UK families increases, whilst further afield, the threat of starvation in Africa is causing a global outcry.

Consumer research company Kantar is warning that food prices for households could continue to rise, with a £271 jump in annual costs. Bank of England governor Andrew Bailey warned that consumers should be preparing themselves for a ‘very big income shock’ from rising prices.

Alongside the continuing impact of the Russian invasion of Ukraine – the 'breadbasket of Europe' – reduced estimates for the United States' cereals yields, and India's decision to ban exports of any of its staple cereals have created a situation where it is suddenly going to be harder to feed the worlds 7.9 billion population.

India’s export ban comes after a heatwave hit their wheat crops, taking domestic prices to a record high. But the Indian government said it would still allow exports backed by letters of credit that have already been issued, and allow shipments to leave to countries that request supplies 'to meet their food security needs'.

Nonetheless, the ban was criticised at a Group of Seven (G7) nations meeting in Germany, where German food and agriculture minister Cem Ozdemir said: "If everyone starts to impose export restrictions or to close markets, that would worsen the crisis."

The United Nations (UN) are stating that the Ukraine crisis has caused a 'giant leap' in food prices. Although global food prices have ease slightly since the spring peak, the UN stated that they remain 30% higher on the year.

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Closer to home this week Scottish cereal growers are being offered around £315/t ex farm for feed barley in September. Malting barley prices will need to be at least over £330/t ex farm to ensure maltsters get supply.

The wheat market has had daily ups and downs over the last month with some days seeing a £18/t price change. However the trend is upwards, with prices jumping from £300/t ex farm at end of April to over £350/t this week.

The oilseed rape market continues in strength, with a steady price of £705/t ex farm. Contracts for oats are going for around £17/t below the November wheat futures which at the time of writing was close to £350/t.

On the input side, there is some good news, as fertiliser prices have softened significantly since February and March. Farmers are snapping up 34.5 nitrogen for £630/t, which is a huge drop from the early spring's abnormal high of £980/t.